- BlackRock’s spot Bitcoin ETF leads with $121.3M inflows, suggesting a potential recovery for the fund.
- Grayscale’s Bitcoin Trust faces $37.5M outflows, highlighting ongoing challenges in the Bitcoin ETF market.
- Bitcoin’s price surges to $59,189.55, up 3.40%, amid market optimism despite recent setbacks.
BlackRock’s spot Bitcoin ETF, IBIT, attracted attention with $121.3 million in inflows and its the highest contributor in the Bitcoin ETFs. This marks another major influx following the $187.2 million inflow reported on July 8 by Farside Investors. This pattern suggests a possible recovery for BlackRock’s ETF, which had been relatively inactive in recent times.
BlackRock and Grayscale
On July 9, 2024, U.S. Bitcoin ETFs experienced a net inflow of $216 million, marking the third consecutive day of gains. BlackRock’s spot Bitcoin ETF led the way with a $121 million boost, while Grayscale’s Bitcoin Trust saw a $37.5 million outflow. The total net assets for Bitcoin ETFs reached $50.79 billion, representing 4.45% of the Bitcoin market cap.
Notable spikes in inflows occurred in early March and late May 2024. Despite fluctuations, the overall trend showed growth in total net assets, reflecting increasing investor participation in Bitcoin spot ETFs. The cumulative net inflow indicates strong market interest.
June proved challenging for Bitcoin ETFs in general, marked by more outflows than inflows. Specifically, spot Bitcoin ETFs recorded nine days of outflows compared to ten days of inflows, with outflow values being significantly higher.
Source: SoSoValue
Market Rebound and Price Surge
The recent bullish trend in spot Bitcoin ETFs aligns with a rise in Bitcoin’s price. Bitcoin rebounded to $59,189.55, showing a 3.40% increase over the past 24 hours. Despite recent setbacks, including miner capitulation, the release of large Bitcoin sums by the German government, and major whale sell-offs, the market sentiment remains optimistic.
Future Prospects and Resistance Levels
Analysts suggest that Bitcoin might reach the $100,000 mark if it can break through the $60,000 resistance level, a milestone it has yet to achieve. The market’s overall optimism contrasts with the challenges faced in the past few months. However, the continued inflows into BlackRock’s ETF could indicate renewed confidence among investors.
Read also
The post BlackRock’s Spot Bitcoin ETF Leads with $121M Inflow Amid Market Rebound appeared first on Crypto News Land.
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